Bipartisan lawmakers are pitching different ideas on how to control inflation in the country at a time when it has reached a 41-year high.
Democrat and Republican members of the House Committee on Economic Disparity and Fairness in Growth expressed their views on Fox News about tackling inflation, amid the “hyper-partisan environment.”
Democratic Lawmaker Defended Inflation
The chairman of the committee, Democrat Jim Himes, and its ranking member, Bryan Steil of the GOP, talked about their Wisconsin visit, where they discussed surging inflation with local leaders.
Both of these lawmakers were in Wisconsin when the Labor Department released a shocking report. This put inflation at a 41-year high, which makes increased wages for Americans irrelevant.
Himes stated there are two types of answers to the rising inflation problem: the real one and the partisan one.
He noted the real answer is inflation is extremely damaging for families across the country, who are losing the worth of their wealth.
The lawmaker also acknowledged rising inflation wiped out the benefits of increased wages for workers.
However, he still touted the narrative of President Biden, adding that the economy is “rocking right now” and the decreasing unemployment rate helped Americans secure good jobs.
Himes also told the political answer to the current crisis. He asserted, from the political lens, Republicans would blame Biden for surging prices across the country.
According to Himes, the Federal Reserve will ease the inflation crisis by increasing the interest rate, but that may not turn out to be a decision perceived well by Americans.
Inflation is at a 40-year high of 8.5% due to federal policies of borrowing & printing money at unfathomable levels & bad energy policy, which is hurting Floridians.
Biden could unleash domestic energy production to provide relief. Instead, he is content watching people suffer.
— Ron DeSantis (@GovRonDeSantis) April 12, 2022
The Democratic lawmaker used airtime to announce more upcoming inflation for Americans.
He claimed mortgage rates are likely to be increased in the near future, and the cost to start new businesses can also jump significantly.
Inflation is Impacting Low-Income Americans
On the other hand, Republican Congressman Steil suggested lawmakers need to address the needs of those who are impacted by this inflation wave.
He claimed seniors with fixed income and low-income workers are on the receiving end of inflation, so their issues have to be resolved.
Furthermore, Steil continued that low-income workers always struggle whenever these sorts of crises hit the country, especially when housing costs become unaffordable.
The current wave of inflation has made basic necessities out of reach for an average American earner.
For instance, the prices of meat increased by 14.8 percent, milk by 13.3 percent, and vegetables by 8.1 percent, compared to last year.
— The Hill (@thehill) April 15, 2022
In the latest report, the oil and gas inflation was the primary reason for surging prices of every other commodity.
Currently, Americans are paying 32 percent more than last year for energy prices.
Although Biden vowed to take some measures against rising oil and gas inflation, they have yet to show any positive results.